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Fed Skips Rate Hike in June After 10 Previous Increases, Says Could Hike Again

© AP Photo / J. Scott ApplewhiteThe Federal Reserve is seen in Washington, Monday, Nov. 16, 2020. President Donald Trump's unorthodox choice for the Federal Reserve Board of Governors, Judy Shelton, could be approved by the Senate this week, according to Majority Leader Mitch McConnell's office.
The Federal Reserve is seen in Washington, Monday, Nov. 16, 2020. President Donald Trump's unorthodox choice for the Federal Reserve Board of Governors, Judy Shelton, could be approved by the Senate this week, according to Majority Leader Mitch McConnell's office. - Sputnik International, 1920, 14.06.2023
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WASHINGTON (Sputnik) - The Federal Reserve on Wednesday decided to skip a rate hike in June after 10 straight increases over the past 15 months but cautioned that it will do another raise if necessary based on inflation.
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run," the Fed said at the conclusion of the June meeting of its policy-making Federal Open Market Committee (FOMC). "In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent."
But holding rates at this level will depend on forthcoming data, the FOMC said.
"In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments," it added.
The US Federal Reserve Building is seen in Washington, DC, May 3, 2023.  - Sputnik International, 1920, 14.06.2023
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US Fed Expected to Hit Pause on Rate Hikes, But What Will Come Next?
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